Brisbane

Brisbane: Hilltop Shopping Centre in North Lakes sold for over $15 million

2014-09-17T05:00:00Z

​Brisbane, September 17 2014 – JLL Directors of Retail Investments in Queensland Jacob Swan and Sam Hatcher have negotiated the sale of Hilltop Shopping Centre in North Lakes between Bluff Downs No.2 Pty Ltd and a private investor for $15,200,000.

Six formal offers were received at close of the Expressions of Interest campaign with the buyer being a local private with existing metro Brisbane retail holdings.

The centre has a net passing income of $1,229,714 and a net passing initial yield of 8.09%.

Located at 71 Astley Parade, the centre sits in the well-established suburb of North Lakes, which is currently the focus of an expanding mixed industry and business precinct, with the intended completion of some 6,500 dwellings set for 2016.

Specifically, Hilltop Shopping Centre is approximately 30kms north of the Brisbane CBD, positioned at the junction of Bounty Boulevard, Astley Parade, and North-South Arterial Road with the latter allowing access to both the Bruce Highway interchanges at Boundary Road and Anzac Avenue.

With a total site area of 12,750sqm, the centre features a 3,195sqm GLAR, convenience based neighbo​urhood shopping centre, seven specialty tenancies, ample car parking, and is anchored by a 2,180sqm Drakes Supa IGA Supermarket, on a 15 year lease with a 15 year option.

It’s home to a dynamic mix of tenants including a BWS, bakery, chemist, medical centre, hairdresser, and eateries.

JLL Director of Retail Investments, Mr Sam Hatcher said there were a number of future developments planned in the area that would positively impact the centre.

“There are several planned developments for the area that will be of great benefit to the centre such as the development of the North Lakes Business Park, a 55 hectare mixed use development precinct adjacent to the Hilltop Shopping Centre, the extension of the North-South Arterial Road, which connects the North Lakes Town Centre and Anzac Avenue in the South, to Boundary Road to the North, and the development of the North-South Arterial Road and Kerr Road to Dakabin overpass,” said Mr Hatcher.

“These developments will further enhance the centre’s profile, as well as its geographical reach, and increase the level of exposure from passing traffic.

“They will also bring further traffic flow from the eastern side of North Lakes and expand the secondary trade area to incorporate Dakabin on the western side of the Bruce Highway.

“It was for these reasons as well as the near new nature of the centre, with 81% of its income being derived from the IGA, medical centre and BWS, that the property was competitively sought with investors."